Wealth and Taxation

If you want to be wealthy there are many important things that you can do to make it a little easier to build up that wealth a little quicker.

One important thing is to know that whilst taxes are inevitable, there are many tax breaks available to you and that you should try to use these as much as possible.

The most obvious way with savings is to be sure that you use your ISA allowance each year, currently standing at up to 7,000 if you pump the money into shares.

Remember that you need a pension if you want to control when you retire, and to have a decent income in your retirement.

The other attractive element of pensions is that you get relief from income tax on them, therefore you are effectively getting more money into your pension than you would if you were to be paid it as salary and pay the tax; particularly this is prevalent on those who pay the higher rate 40% tax.

One specialist area that has arisen is around protecting your money and wealth for future generations, see the inheritance tax article for more information on this.